another term for savings account
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What is a 'Savings Account' A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate.
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How do savings accounts work? ­The most common type of bank account, and probably the first account you'll ever have (after a checking account), is a savings account. Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest each month. These accounts usually require either a low minimum balance, like $25, or may require no minimum balance at all. This depends on the bank and the type of account.
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- Report Abuse. 1  Dda Deposit. 2  Demand Deposit Account. 3  Dda Banking.  This Site Might Help 1  You. just means you have made a deposit == stands for demand deposit account!!! mister ed · 9 years 2  ago. It's definitely possible, that's for  sure.
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- What is a Bank Savings Account. A bank savings account is a type of account designed to simply hold money that you do not need immediate access to. When contrasted with checking accounts, bank savings accounts tend to pay a slightly higher rate.hat is a Bank Savings Account. A bank savings account is a type of account designed to simply hold money that you do not need immediate access to. When contrasted with checking accounts, bank savings accounts tend to pay a slightly higher rate.
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Find the Savings Account to Reach Your Goals Personal Savings Accounts. Find the Savings Account to Reach Your Goals. If you are looking to make a special purchase, build up your emergency funds, or kick-start good financial habits, we have a variety of products to achieve your goals.
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- When people have some cash on hand, they may consider either a money market savings account or a more traditional savings account. These two types of accounts are quite similar, but understanding some slight differences can help you decide which is right for you.
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List of abbreviations used in bank funds transfers Automated Clearing House. The ACH is a type of electronic funds transfer network used in the United States. Similar to the SWIFT in Europe, the ACH provides inter-bank clearing of credit and debit transactions. The ACH electronic network helps banks and financial institutions exchange information in between.
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savings savings the proportion of income of a person (personal saving), company or institution (retained profits) that is not spent on current consumption. Savings are typically placed on deposit with a BANK, BUILDING SOCIETY, etc., or used to acquire financial and physical assets such as SHARES or plant.
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Boiling water reactor The boiling water reactor (BWR) is a type of light water nuclear reactor used for the generation of electrical power. It is the second most common type of electricity-generating nuclear reactor after the pressurized water reactor (PWR), also a type of light water nuclear reactor. The main difference between a BWR and PWR is that in a BWR, the reactor core heats water, which turns to steam and then drives a steam turbine.
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Savings Accounts High Interest Savings Accounts. High interest savings accounts, also called high yield savings accounts, have become increasingly common and popular. There is no true difference between a high yield savings account and a traditional savings account other than the interest rate paid on the deposit.
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- A Money Market Account is a type of savings account that usually earns a higher amount of interest than a basic savings account. The minimum balance for this account is often considerably higher than the minimum balance of a basic savings account. They can range from $500-$50,000.
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savings For example, one may utilize a savings account to save funds for an expensive purchase, such as a house or a car. Because most customers keep money in a savings account for a longer period than a checking account, a savings account pays a slightly higher interest rate. However, the interest rate is not as high as a bond or another low-risk investment. Generally speaking, one may not write a check on a savings account without paying a penalty.
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- Find the answers you want in the glossary of banking terms. A. Account balance [skip to next word]. The amount of money in an account at the start of the business day, including all deposits and withdrawals posted the previous night, whether or not the funds have been collected.ind the answers you want in the glossary of banking terms. A. Account balance [skip to next word]. The amount of money in an account at the start of the business day, including all deposits and withdrawals posted the previous night, whether or not the funds have been collected.
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Current account DEFINITION of 'Current Account'. The difference between a nation’s savings and its investment. The current account is an important indicator about an economy's health. It is defined as the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers.EFINITION of 'Current Account'. The difference between a nation’s savings and its investment. The current account is an important indicator about an economy's health. It is defined as the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers.
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Saving Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is a lot higher; in economics more broadly, it refers to any income not used for immediate consumpt
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Checking vs. Savings Accounts: Whatâs the Difference? Although you can use your checking account as a reserve account for your cash, much like a savings account, it may not be the best option for that purpose. Most checking accounts do not earn interest, and even those that do typically earn less than a savings account at the same financial institution. Perhaps more importantly, many people find it hard to save money in an account that they also use for their regular spending.
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- Financial institutions pay varying degrees of interest in exchange for your deposit, with the online savings account usually offering some of the highest interest rates. How To Use A Savings Account Saving money is one of the primary functions and benefits provided by a savings account.
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money market deposit account money market deposit account. A savings account at a commercial bank or thrift institution that pays a return competitive with money market funds. The number of transactions that may take place each month is limited. Institutions offering the accounts may require a minimum balance in order to receive money market yields.
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bank account Check your grammar now! : an account with a bank created by the deposit of money or its equivalent and subject to withdrawal of money (as by check or passbook) thought it wise to put his savings in a bank account.
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Bank account A bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, a current account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution. The financial
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- IRA Savings Accounts. IRA savings accounts provide a means of saving for retirement without having funds locked up for a set amount of time. Use the filter box below to customize your results, or click here to learn more about the primary types of IRA Savings Accounts.
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The Average Net Worth of Americans: Where Do You Stand? Use 'clearing account' in a Sentence. It looks like my main bank account is a little low on funds this month, so I will transfer some funds from my clearing account to my main account, to make up for the loss. 19 people found this helpful.
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Coverdell Education Savings Account A Coverdell Education Savings Account ( also known as an Education Savings Account , a Coverdell ESA , a Coverdell Account , or just an ESA , and formerly known as an education individual retirement account ) , is a tax-advantaged investment account in the United States designed to encourage savings to cover future education expenses ( elementary , ...
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5 Different Types of Bank Accounts They usually pay an interest rate that's higher than a checking account, but lower than a money market account or CD. Some savings accounts have a passbook, in which transactions are logged in a small booklet that you keep, while others have a monthly or quarterly statement detailing the transactions. Some savings accounts charge a fee if your balance falls below a specified minimum.
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depository institution Definition. Bank, building society, credit union, or other financial institution that solicits and accepts savings of the general public as demand deposits or time deposits, and pays a fixed or variable rate of interest. Also called savings association, savings institution and thrift institution.
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savings account See more synonyms on Thesaurus.com. noun. 1. a bank account on which interest is paid, traditionally one for which a bankbook is used to record deposits, withdrawals, and interest payments.